Customs, in the first half of the year, China's total trade in goods fell by 4.7% to US $2.92 trillion, of which US $1.66 trillion was exported, down 3.2% year-on-year, and US $1.25 trillion was imported, down 6.7% year-on-year.
In the same period, the cumulative import and export volume of mechanical and electrical products was 1.4 trillion US dollars, down 6.6% year-on-year, accounting for 48% of the total trade in goods. Among them, the export volume of mechanical and electrical products decreased by 0.8% to 967.37 billion US dollars, accounting for 58.2% of the total export volume of goods, and the import volume decreased by 17.5% to 432.74 billion US dollars, accounting for 34.5% of the total import volume of goods, with a trade surplus of 534.62 billion US dollars, higher than total commodity surplus of 125.93 billion US dollars.
In June, China's export of mechanical and electrical products was 166.76 billion US dollars, down 5.7% from the same period last year, an increase of 4.4 percentage points over the previous month; import was 80.87 billion US dollars, down 7% from the same period last year, the 16th consecutive month of year-on-year decline.
In the first half of the year, the export volume of key mechanical and electrical industries such as automobile, automobile spare parts, general machinery and equipment, ships and so on increased year on year. Among them, electric passenger vehicles, which accounted for more than 40% of the total vehicle exports, drove the total vehicle exports to increase by 77.1% and 108.1% respectively, both of which have increased for the 33rd consecutive month. The export of household appliances continued to pick up, with the export volume in June increasing by 5.8% year-on-year for the fourth consecutive month. In terms of RMB, the total export volume of electric manned vehicles, lithium batteries and solar cells increased by 61.6% year on year, driving China's export of goods by 1.8 percentage points.
Due to the weak global demand, the export of electronic information products continues to be depressed. In the first half of the year, the export value of mobile phones dropped by 13.5% and 14.8% respectively, of which the export volume dropped for 13 months in a row; the cumulative export value of computers dropped by 24.3% year-on-year, decreasing for 11 consecutive months; the export value of integrated circuits dropped by 10% and 17.7% year-on-year, respectively, with a negative growth for 12 consecutive months.
In the first half of the year, the import volume of key electromechanical industries such as integrated circuits, computers, automobiles and spare parts, LCD flat panel display modules generally declined. Influenced by factors such as weak demand in the downstream consumer electronics industry and falling prices of major products, the import volume of integrated circuits fell by 22.4% year-on-year to US $162.61 billion, accounting for 13% of China's total imports of goods from 15.3% in 2022. By June, the import volume of integrated circuits in China had decreased for the 14th consecutive month.
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